Bank Foreclosures in Connecticut are up 5.7% Compared to Last Year
(Hartford, CT., Monday, December 18, 2017) – Connecticut’s foreclosure rate is nearly double the national average. It’s the fourth highest in the United States and the trend in Connecticut is not positive: Bank foreclosures in Connecticut are up 5.7% compared to last year.
The cities with the highest number of foreclosures are Bridgeport, Waterbury, Meriden, East Hartford, and Stamford. Entire neighborhoods in Connecticut have yet to recover from the housing bubble that contributed to the financial crisis.
According to October 2017 housing data from RealtyTrac, the percentage of vacant homes in Connecticut is more than 7 percent, with one out of 1,353 homes in the state facing foreclosure. The total number of bank-owned homes in Connecticut soared by 68% from September to October 2017.
A newly launched initiative in the state, Boston Community Capital’s Stabilizing Urban Neighborhoods (SUN) Initiative allows homeowners who face eviction in Connecticut to apply for foreclosure relief.
SUN helps families facing foreclosure or eviction remain in their homes. Financed primarily through nonprofits and private investors, SUN negotiates to purchase these occupied homes from lenders at distressed market value and sells them back to the original homeowners the same day on terms they can afford.
Homeowners that have been stabilized through SUN include people from many walks of life: schoolteachers, fire fighters, sales clerks and auto mechanics, veterans and parents of soldiers in Iraq and Afghanistan. Some of these homes were originally purchased at inflated prices during the housing bubble that contributed to the financial crisis while others were refinanced into variable rate mortgages. Many of SUN’s borrowers were underwater with prior mortgages that were higher than the value of their homes.
On average, SUN financing reduces a homeowner’s mortgage principal and monthly housing expense by 34%. The average principle balance is reduced by more than $100,000. Nearly all of the families whose mortgages have been renegotiated by SUN make their monthly payments on time and remain in their homes.
Connecticut families who want to learn more about SUN can call toll-free at 855-604-4663 (855-604-HOME) email firstname.lastname@example.org and visit www.sunhomehelp.org. Applying for SUN foreclosure relief is free.